MANILA, Philippines – The Lopez group is spending P1.37 billion to acquire the stake of conglomerate San Miguel Corp. in Rockwell Land Corp as part of plans to further consolidate the Lopezes’ control in the property developer firm.
On Monday, July 16, Lopez-led First Philippine Holdings Corp. (FPHC) disclosed to the stock exchange that it had entered into an agreement with San Miguel for the purchase of 681.65 million shares in Rockwell Land at P2.01 each.
This represents almost half of the P3.44 per share closing price on Friday, July 13.
It was also the same price per share that FPHC previously paid Pangilinan-led Metro Pacific Investments Corp. Last June 28, FPHC agreed to pay P3.06 billion for the 1.52 billion shares of MPIC’s unit in Rockwell Land.
Both the San Miguel and MPIC groups acquired the Rockwell Land shares when the property firm declared dividends to its shareholders, which included Manila Electric Co. (Meralco).
Meralco’s biggest shareholder groups are the Pangilinan-led MPIC, San Miguel and the Lopezes.
Rockwell declared property dividends for its listing by way of introduction at the Philippine Stock Exchange in May.
The Lopezes have since given up its decades-long control of Meralco and now focuses on power generation and property businesses. – Rappler.com